2025 Summer/Autumn Market Report

As we approach the end of 2025, we take a moment to look back through the large number of secondary market auctions and fairs across the summer and autumn in an extended market report.

 

Early in the season, political and economic events saw an uncertain threat of changes to tariff rules and stock market fluctuations (which we touched upon in our Spring report) but, despite this, we have seen successes in the market. While concerns are far from resolved, we headed into autumn’s modern British auctions with a degree of confidence.

After the summer hiatus, London’s art scene wasted no time in launching back into a full autumn calendar of events. At the end of September, the annual British Art Fair was held at the Saatchi Gallery. Portland Gallery once again took part, showcasing our diverse British art roster including a selection of Systems Group works directly from the collection of artist Peter Lowe (whose work also featured in the ‘Unsung’ exhibition during the fair). It was exceptionally busy across all four viewing days, and a positive atmosphere was felt from dealers. We saw successful sales of works by Roger Hilton, Wilhelmina Barns-Graham, Jean Spencer and Bill Jacklin.

In the same month Bonhams presented their fifth ‘Blazing a Trail’ auction. Having previously set the bar at auction for works by Jessica Dismorr, it was no surprise to see another large group by the artist featured in this year’s sale, including a striking self-portrait from circa 1928. Estimated at £15,000 – 20,000 the oil broke last year’s £48,000 artist record, selling for £152,800. Another highlight was the 1934 oil Girls in a Park (£6,000 - £8,000) which, already estimated at double its historic sale price in 2016, achieved £28,160. Dismorr was not the only artist to make records in this sale, as the best result came from the cover-lot, Dod Procter’s Girl in her Petticoat: a painting that at the time of creation in 1928 received honourable reviews by critics. This intimate painting sold for a staggering £406,800 (estimate £15,000 – 25,000), beating the 2015 auction record for the artist (of a work almost double the size) by over £260,000.

These results clearly indicate continued desire for women artists: a trend which also correlates to the findings in Art Basel and UBS’s ‘Survey of Global Collecting’. While most high-net-worth collections still consist primarily of art by men, the survey this year reveals that women on average, are simultaneously outspending male collectors and investing more in works by both female and lesser-known artists, leading towards more gender-balanced collections.*

Christie’s collective 20/21 sales made the most of global collectors descending on the capital for Freize and Frieze Masters. Their own contemporary ‘Frieze week evening sale’ achieved the highest total seen in seven years at £106,925,400 with four new auction records. In the Modern British & Irish art evening sale, women artists again led results as Barbara Hepworth and Bridget Riley claimed three of the top five lots sold by value. Generally, this sale felt positive: 28 of the 32 lots on offer sold, though looking closer the majority were on or below the low estimate. Despite this, a combined total of £17,304,400 does indicate a 20% increase on last year’s results. Hepworth’s The Family of Man (Figure 8: The Bride) became the most expensive lot of the night (£3,954,000) and also the highest selling artwork for the department this year. The day sale appeared to run smoothly: out of 151 lots only 23 went unsold. Works including Winston Churchill, Celia Paul, Alfred Wallis, John Piper and Claude Flight performed well over their estimates and overall, the sale achieved £4,976,749; nearly £1.5 million above its pre-sale total.

In November, Bonhams held their second dedicated Modern British & Irish Art auction. With 53 lots, the sale concluded at an overall total of £4,782,010. It followed much the same pattern as Christie’s, with Barbara Hepworth taking the highest result of the day at £1,258,400 for her 1957 Winged Figure I (the original which later developed into the John Lewis Oxford Street commission). Likewise, paintings by Winston Churchill again drew enthusiastic bidding; his oil of Blenheim Palace Lake achieving over double its low estimate (£978,300). The results of this sale were more upbeat compared to Bonhams’ sale ‘Modernism at Mill Cottage’ which took place in July. Despite an outwardly strong array of works (which would have suited a live day sale) this single owner auction took place online and went relatively under the radar. Only 124 of 200 lots sold with an overall total of £785,000, just over half the combined high estimate value. Looking in more detail, it was clear to see why, as many works were acquired in recent years at auction or galleries. With the purchase prices readily available to would-be buyers, the sale’s performance was certainly impacted, proving that freshness is as important as provenance in the current market.

Sotheby’s 24-lot evening sale also took place in November. Appealing works and sought after names were on offer, though only twelve lots found buyers. Perhaps also partly down to a late publication of the sale, depth of bidding ran thin with just three works making over top estimate (CRW Nevinson’s French Troops Resting, Duncan Grant’s Compotier with Fruit and Glyn Philpot’s Portrait of a Man with Hibiscus Flower (Félix)). On the back of July’s broader Modern & Contemporary auction, where only eleven Modern British artworks featured and seven sold (two top lots withdrawn prior to sale), these results will likely come as a further blow to Sotheby’s standing in the Modern British market. The sole outlier in July came from Marlow Moss’ White, Black, Blue and Red. Estimated at £200,000 – 300,000. Moss’ works are rare, having been mostly destroyed during the Second World War when she had to abandon her Normandy studio. This 1944 painting sold for £609,000, setting a new auction record. While this painting can be seen as a stronger example compared to Moss’ previous record (White and Black, set at Christie’s in 2022 for £378,000), the recent price once again points to interest in lesser-known, female artists.

 

By contrast Sotheby’s 95-lot November day sale did bring a more positive atmosphere with 77% of lots selling. While four out of five ceramics by Lucie Rie surprisingly went unsold, strong results came from names including Cedric Morris, William Scott, Gerald Leslie Brockhurst and Barbara Hepworth. Continuing their recent focus on Bloomsbury artists, paintings by Vanessa Bell and Duncan Grant became some of their highest works sold by value: Standing Male Nude (£6,000-8,000), The Mantlepiece (£10,000 – 15,000) and Reclining Figure (Paul Roche) (£12,000 – 18,000) sold for £44,450, £95,250 and £69,850 proving the market for Bloomsbury is still very active and buoyant.

 

Heading into 2026, in what will be Portland Gallery’s 40th year, we see a market which is both cautious and selective with its purchases. While we see enthusiasm at the highest end of spending, decisions to purchase are increasingly considered. Spending is driven by justifiable factors such as exceptional quality, rarity and provenance as well as potential for long-term value and investment opportunities. These conditions at mid and lower levels are still essential, though at more accessible price points the market is open to a broader range of collectors, providing a, still discerning, but steadier rate of sale. For both auctions and galleries alike, the success of next year will undoubtedly hinge upon the quality of works on offer, in order to capture the wider market, eager collectors and navigate the developing secondary market landscape.

 

We’d like to express our thanks to all new and existing clients of the gallery for the support over a busy 2025. We look forward to a new season of 20th Century British art, beginning with the London Art Fair, taking place over 21-25 January and a dedicated Scottish art presentation at the gallery opening on the 28th January. For further information on our 20th Century art programme, or to discuss possible consignment opportunities with us, please email Jamie (jamie@portlandgallery.com) or Esme (esme@portlandgallery.com).

 

 

 

* C. McAndrew, The Art Market 2025: A Report by Art Basel and UBS, Switzerland, 2025.

N.B.: all sold prices, unless otherwise stated include buyer’s premium.

5 Dec 2025